Missouri-based wealth managers the Barber Financial Group and Kasper Steck Wealth Management have merged, the Kansas City Business Journal reports.

Terms of the deal were not disclosed, but the combined entity will have about $700 million in assets under management and 34 employees, according to the report.

Barber Financial Group will retain its headquarters in Lenexa, Kansas, while Kasper Steck becomes Barber Financial’s operation in the city of Lee’s Summit.

Dean Barber remains chief executive of the Barber Financial Group; Bud Kasper, Kasper Steck’s founder will become president of Barber Financial Group Lee’s Summit.

“We aim to broaden our capabilities and geographic reach by combining our services. This agreement brings two like-minded wealth management organisations together to best meet the unique financial needs and challenges of pre-retirees, retirees and business owners,” Mr Kasper is quoted as having said.